Wireless Connectivity Global Market Report 2024 - By Report Size, Share, Trends, Forecast To 2033

The wireless connectivity market size has grown rapidly in recent years. It will grow from $127.52 billion in 2023 to $142.5 billion in 2024 at a compound annual growth rate (CAGR) of 11.8%. The growth in the historic period can be attributed to proliferation of mobile devices, consumer electronics connectivity needs, emergence of smart cities, demand for seamless connectivity in vehicles, environmental sustainability concerns.

The wireless connectivity market size is expected to see rapid growth in the next few years. It will grow to $227.64 billion in 2028 at a compound annual growth rate (CAGR) of 12.4%. The growth in the forecast period can be attributed to expansion of smart infrastructure, increasing demand for remote work solutions, advancements in satellite connectivity, emergence of industry 4.0, increasing demand for mobile broadband.. Major trends in the forecast period include 5g deployment and adoption, internet of things (iot) proliferation, ai and machine learning integration, multi-connectivity solutions, remote work connectivity solutions.

Market Overview -
Wireless networks are computer networks that are not connected by any form of cable. A wireless connectivity network enables devices to stay connected to the network while roaming freely without being linked to any wires.

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Rapid Internet Penetration Fuels Expansion Of The Wireless Connectivity Market
Growing internet penetration rates are expected to boost the growth of the wireless connectivity market going forward. The internet penetration rate refers to the percentage of the total population of a given country or region that uses the internet. Due to the increase in internet users, the adoption of new technological devices by the users, such as phones, microphones, and digital cameras, has increased. Hence, growing internet penetration rates are expected to boost the wireless connectivity market. For instance, in July 2023, according to a report published by the International Telecommunication Union (ITU), a US-based agency for information and communication technologies, approximately 5.4 billion people-or 67% of the world's population are using the Internet in 2021. This represents an increase of 1.88% from 2022, with 0.1 billion people estimated to have come online during that period. Therefore, the growing Internet penetration rate is driving the growth of the wireless connectivity market.

Competitive Landscape -
Major companies operating in the wireless connectivity market report are Intel Corporation, Texas Instruments Incorporated, Qualcomm Incorporated, Broadcom Inc., STMicroelectronics, NXP Semiconductors, Microchip Technology Inc., MediaTek Inc., Renesas Electronics Corporation, Panasonic Corporation, Nexcom International Co. Ltd., Atmel Corporation, Cypress Semiconductor Corporation, AT&T Inc., Cisco Systems Inc., Nokia Corporation, Marvell Technology Group Ltd., Xilinx Inc., Nordic Semiconductor ASA, Sierra Wireless Inc., Ruckus Networks, Skyworks Solutions Inc., Sequans Communications S.A., Lantronix Inc., Qorvo Inc., Murata Manufacturing Co. Ltd., Inseego Corp., u-blox Holding AG, Cambium Networks Corporation, Onsemi, Semtech Corporation, Celeno Communications, Dialog Semiconductor plc, Redpine Signals Inc.

Wireless Connectivity Market Sees A Surge In Product Innovation
Product innovation has emerged as a key trend gaining popularity in the wireless connectivity market. Major companies operating in the wireless connectivity market are focused on innovating new technologies to sustain their position in the market. For instance, in October 2023, Lumen Technologies Inc., a US-based telecommunication company, launched a Wi-Fi 7 device. It is uniquely designed to be able to reach speeds of up to 10 Gbps, which is up to 30 times faster than current Wi-Fi technology. The device is expected to be able to support up to 10,000 devices simultaneously, which is ideal for homes and businesses with many connected devices. It has a latency of less than one millisecond, which is essential for real-time applications such as gaming and virtual reality.

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Key Segments -
The wireless connectivity market covered in this report is segmented -
1) By Type: LPWAN (Low Power Wide Area Network), Cellular M2M (Machine-to-machine), WPAN (Wireless Personal Area Network), Satellite (GNSS) Global Navigation Satellite System, WLAN (Wireless Local Area Network)
2) By Deployment: Control Devices, Gateways, Cloud
3) By Technology: Bluetooth, WI-FI, Ultra-Wideband, NFC, Cellular, Zigbee
4) By End Use: Wearable Devices, Healthcare, Consumer Electronics, Building Automation, Automotive and Transportation, Other End Uses

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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